Hiscox London Market, an insurer of global risk has collaborated with InsurTech Concirrus as part of its goal to deliver progressive analytics-based underwriting.
Under the terms of the agreed multi-year deal Hiscox will embed the platform, Quest Marine Hull; a behaviour-based data analytics platform developed by InsurTech provider Concirrus, which is already in use at several leading marine insurers.
The InsurTech’s new predictive pricing module will enable Hiscox to analyse existing portfolios in more detail and at the same time assess the vessels within a prospective account and determine an expected loss based on certain behavioural factors, including time at sea and port risk.
The module uses machine learning and combines billions of rows of risk data with client’s loss and policy information, which ultimately should enable underwriters to better understand the behaviours that could be predictive of claims.
Andrew Yeoman, CEO of Concirrus, commented: “Being passionate about innovation, it’s clear to see why Hiscox is one of the most successful Lloyd’s syndicates. We are very proud to have Hiscox recognise the benefits that Quest Marine will deliver, and their adoption further underlines a real change in the market. 2020 will be the year where digitalisation becomes the norm and is no longer optional.”
Vicky Hayward, Hull and War underwriter at Hiscox, added: “Digitalisation is the future and if we want to stay at the forefront of our industry, we must continue to evolve and harness new technologies and data sources. We are looking forward to working closely with the Concirrus team to digitalise and hone our underwriting process with powerful data analytics and capitalise on the new opportunities this presents.”